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Released: October 13, 2011
Banks turn to demolition of foreclosed properties
Source: Brady Dennis, Washington Post (Free Registration)
The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice.
A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods.
Read Full Article: Banks turn to demolition of foreclosed properties
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